For a time, Tri Bulk Shipping looked like it was about to shrink.

That was in any case the impression created when brokers reported last July that the Athens-based handysize specialist was circulating half its fleet for sale.

Fast forward to January and the picture couldn’t look more different.

Far from having sold any ships, Tri Bulk more than doubled its fleet in an acquisition spree that saw it pick up four handysizes and as many ultramaxes in the secondhand market.

The new ships have already joined the low-profile company, which is now listing a total 14 vessels on its website.

The impressive expansion puts Tri Bulk on a par with the biggest privately-owned, Greece-based bulker buyers of 2021. Only the Moundreas group and Meadway Bulkers purchased a comparable number of such ships last year on the secondhand market.

Tri Bulk's total estimated spend of about $215m, however, probably exceeds the amounts paid by its two Greek rivals whose acquisitions were a bit older. The ships Tri Bulk bought were all built between 2015 and 2020 in Japanese and Chinese yards.

These included Tri Bulk’s first ultramaxes. Most recently, the company emerged this month as the new owner of the 60,400-dwt Nord Colorado (renamed Arch. Sealtiel, built 2018).

TradeWinds has already reported that Norden sold the scrubber-fitted ship in mid-November to unidentified buyers for $31.25m, even though some brokers have since said it fetched more than that.

In warm waters

This wasn't the first time that Norden and Tri Bulk did S&P business together. Norden had also provided Tri Bulk with four of the six bulkers the latter started with when it set up shop in Athens in 2010.

TradeWinds reported at the time that Tri Bulk was backed by Russian industrialists who acted through a private equity fund set up Apsis Globe, a Moscow-based investment house.

Tri Bulk managers didn’t respond to a TradeWinds request to clarify whether its clients and principals have changed since. Neither did they comment on Tri Bulk's recent acquisitions and future strategy.

The outfit used to be headed by Mark Paternoster. The Greek Shipping Directory, however, lists Svetlana Kyudrashova as its current chief executive officer.

The Nord Colorado wasn't Tri Bulk’s only ultramax acquisition.

The company also emerged behind a $55m deal last summer for the 61,300-dwt Calico Jack and the 60,400-dwt Phoenix Rising (both built 2015), which are now trading as Arch. Gabriel and Arch. Raphael respectively.

The fourth ultramax picked up by Tri Bulk was the 63,600-dwt Komi (renamed Arch. Michael, built 2015).

Amid this acquisition whirlwind, Tri Bulk didn’t neglect its core handysize business.

In a deal that seems to have gone completely under the radar, the company emerged in recent weeks as manager of a ship pair previously with Greek peer Super-Eco Bulkers — the 37,400-dwt Alcyone (renamed St. Oswald, built 2017) and the 37,300-dwt Alcor (renamed St. Columba, built 2016).

Another company that found a willing buyer in Tri Bulk was Switzerland’s Nova Marine Carriers in deals for the 38,200-dwt sisterships Dry Beam Neo (built 2019) and Fragrant Athena (built 2020). The pair are now trading as St. Aidan and St. David respectively.